Ripple and BDACS Join Forces to Transform Crypto Custody in South Korea!

Ripple Labs has announced a strategic partnership with a ROK-based (South Korea) digital asset firm, BDACS. The organization has also noted that it aligns with the country’s FSC (Financial Services Commission) roadmap for regulatory approval. Through this partnership, Ripple aims to support institutional involvement in the digital asset market of South Korea. 

Source: X 

According to Monica Long, the president of Ripple – South Korea is gradually gearing up for a huge wave of institutional-grade custody and slowly growing enterprise interest in crypto. She aims to prolong this route of interest by introducing Ripple Custody to the country. 

The Introduction of Ripple Custody 

Ripple Custody is a digital asset custody solution, which provides high-end, bank-grade security for custodians, exchanges, and OTC desks. Ripple created and launched this solution in October 2024 in order to allow fintech companies and banks to safeguard their digital assets properly. 

This move, according to some experts, is Ripple’s effort to branch out its offerings from making simple payments to other crypto-related sectors. The organization has also recently forecasted that the custody market might reach a $16 trillion valuation by 2030. So, their effort to break into the South Korean market seems to be an attempt to be a market player in this segment. 

Expectations of the Partners 

This collaboration between Ripple and South Korea is expected to provide positive outcomes in the long term, considering the organization’s expertise in different industries. For example, Ripple currently boasts more than 60 regulatory licenses globally and has profound knowledge in payments, tokenization, and digital asset management. 

BDACS also ranks as the best and one of the first institutional custody providers to get a license. It allows users to store and trade an array of crypto assets too, such as RLUSD, XRP, & AVAX. 

Upon questioning regarding the partnership, Harry Ryo, BDACS’s CEO, has remarked that his organization’s custody solution will wholeheartedly support XRP’s blockchain initiatives while improving their attempt to expand in the digital asset ecosystem.